What is the Purpose of Preparing Bank Reconciliation
Statement?




Answers were Sorted based on User's Feedback



What is the Purpose of Preparing Bank Reconciliation Statement?..

Answer / h.r. sreepada bhagi

To match all the entries made in the books account and to
ensure that no payment or receipt appearing in the bank
statement has escaped accounting.
In other words it's done to ensure that all entries in the
bank statements are accounted also that there will be no
scope of cheque bouncing for want of funds and effective
utilisation of money in the account.

Is This Answer Correct ?    20 Yes 0 No

What is the Purpose of Preparing Bank Reconciliation Statement?..

Answer / ramu

BRS is a statement that means difference b/w cash and
passbook balance.we know the actul current bank balance

Is This Answer Correct ?    8 Yes 1 No

What is the Purpose of Preparing Bank Reconciliation Statement?..

Answer / pravin kamble

To show the correct picture of agreement which has been
agreed between the bank & the other party.

1)There may be some item which we have not agreed with bank
but still bank had given us either debit / credit for that
Or there may be some items for which we have agreed with
bank, but while passing the entries in our books of account
might not reflecting due to any reason (forgot, wrong
entered - debit item entered as credit, reversals entries).

2)There may be timing difference, because on the last date
of the agreed period's date, there might be some
transaction which had appreared in bank statement but due
to time limit it was not entered in our books of account.

To show the above two points a bank reconciliation
statement has been prepared. So accordingly we do the
correction in our books of accounts or we force the bank to
get it rectified in their books of account.

Is This Answer Correct ?    9 Yes 5 No




What is the Purpose of Preparing Bank Reconciliation Statement?..

Answer / anix

IT IS A STATEMENT TO SHOW THE CAUSES OF DIFFERNCE B/W
BALANCE AS PER PASS BOOK AND AS PER CASH BOOK..
THE FOLLOWING ARE SOME REASONS CAUSING DISAGREMENT OF
BALANCES
1.CHEQUE ISSUED BUT NOT PRESENTED
2.CHEQUE DEPOSITED BUT NOT CLEARED
3.MONEY DEPOSITED BY A CUSTOMER DIRECTLY TO THE BANK..

Is This Answer Correct ?    5 Yes 2 No

What is the Purpose of Preparing Bank Reconciliation Statement?..

Answer / prabhavathy

To reconcile the bank statement and books of accounts......

Is This Answer Correct ?    4 Yes 1 No

What is the Purpose of Preparing Bank Reconciliation Statement?..

Answer / pawan

The main purpose of BRS is to identify the difference
between closing balance of Bank statement and Bank Book (
Books of Account)

Is This Answer Correct ?    3 Yes 0 No

What is the Purpose of Preparing Bank Reconciliation Statement?..

Answer / prabhavthy

The purpose of preparing BRS is to know the actual balance
in bank book. For that we have to compare the bank book and
company book.And major things is to ascertain the fund flow
for the company.Based on that balance the will issue the
cheques.. The BRS carried out for 1st week of every month.

Is This Answer Correct ?    2 Yes 4 No

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